In our guide today, we will discuss the Absa temporary loan in South Africa.
Temporary loans are designed to help you when you need urgent cash and have no time to wait for days.
For example, when you have a medical emergency, you can get a temporary loan to cater for your treatment and repay later.
We will start by showing you the qualifying criteria for this loan.
How To Qualify For Temporary Loan
To qualify for the Absa temporary loan, you must meet the following requirements:
- You should be above 18 years old
- Have a regular monthly income of at least R250
- Absa bank account into which your income is paid
- Good credit record
This is the qualifying criteria for Absa temporary loans in South Africa.
Absa Temporary Loan
You can get from R250 to R8 000 as a temporary loan from Absa.
This loan has a maximum repayment period of 35 days.
You are charged a once initiation fee of 10% exclusive of the VAT.
You can use the Absa calculator to calculate your estimated total costs of the loan.
For example, if you take a loan or R1 000 with an initiation fee of 10%, you must pay approximately R1000 within 35 days.
You can get credit protection to cover you in case of death or loss of income.
The credit protection is available from Absa life limited.
This is how the Temporary loan works in South Africa.
How To Apply
You can apply for the loan using Absa online banking, the Absa mobile app, by login and selecting loans.
Select the option with temporary or instant loans to apply for the loan.
You can also apply for a loan at the nearest Absa ATM.
When applying for the loan, stay at the ATM and collect your money.
Watch out for any security threats at the ATM.
You can alternatively use cellphone banking by dialing *120*2272#.
This is how to apply for the Absa temporary loan in South Africa.